Most business owners understand that data is essential to their operation but many do not know why. Considerable time and resources can be spent on designing data quality frameworks, so it is vital to avoid issues that detract from the systems. It is important to understand the issues that can commonly affect datasets.
How useful is data?
According to the Council on Quality and Leadership, data does not have to be complicated but it is vital for organisational decision-making and strategy. It allows you to make informed decisions and is superior to anecdotal evidence. However, there can be some issues with data collection.
Formulae and Calculations
Much data is actually derived from other data through a series of formulae and calculations. If you get just one step wrong, it will render the dataset inaccurate.
This is why many businesses use a data analysis company to help them avoid costly mistakes. A data analysis company can help you to avoid errors that lead to incorrect information. A typical example would be where ages are calculated from birthdays. Another is where discounts are applied according to the number of products purchased.
Lack of Consistency
This can arise when businesses use separate CRMs and billing applications. Customer information can become changed or duplicated across databases. It is important to maintain one definition across all nodes and data sources.
Incomplete Datasets
Whilst not all fields are mandatory, many are required to be so. Data can be missing at the attribute level and at the record level. If large numbers of fields are left blank for a large number of records, it can seriously affect the dataset. However, first you need to establish which fields are really required. Some fields can be optional in some circumstances.
Out-of-date Data
How current is your data? Unfortunately, data ages very fast. People move addresses, change their emails, and alter their marital status. You may need to set reminders to make sure that people check the currency of the data you hold on them. You can regularly update variables such as age yourself.